v3.26.1
OBLIGATIONS OF LAW No. 14,182/2021
 12 Months Ended
Dec. 31, 2025
OBLIGATIONS OF LAW No. 14,182/2021  
OBLIGATIONS OF LAW No. 14,182/2021
NOTE 25 – OBLIGATIONS OF LAW No. 14,182/2021
Law No. 14,182/2021 established the conditions for obtaining new power generation concession grants, imposing the following obligations on the subsidiaries Furnas (merged into the Company in 2024), AXIA Energia Norte and AXIA Energia Nordeste:
(i) payments to the Energy Development Account (CDE); and
(ii) implementation of revitalization for river basins and projects in the Legal Amazon.
Energy Development
Account (CDE)		River Basin
Revitalization		Total
Opening balance as of January 1, 202535,610,5606,411,56342,022,123
Effect on cash flow:
Amortization of Principal(1,712,309)(863,256)(2,575,565)
Interest paid(328,555)(105,565)(434,120)
Non-cash effect:
Inflation adjustment1,524,820240,1121,764,932
Charges2,670,067319,2262,989,293
Final balance on December 31, 202537,764,5836,002,08043,766,663
Current2,713,6741,024,8243,738,498
Non-current35,050,9094,977,25640,028,165
Energy Development
Account (CDE)		River Basin
Revitalization		Total
Opening balance as of January 1, 202432,811,6066,707,80039,519,406
Effect on cash flow:
Amortization of Principal(1,128,076)(846,890)(1,974,966)
Interest paid(161,849)(77,282)(239,131)
Non-cash effect:
Inflation adjustment1,604,681288,0811,892,762
Charges2,484,198339,8542,824,052
Final balance on December 31, 2024
35,610,5606,411,56342,022,123
Current1,951,819964,3802,916,199
Non-current33,658,7415,447,18339,105,924
The non‑current portions of the obligations related to the CDE and to the River Basin Revitalization Program are measured at present value, using annual discount rates of 7.60% and 5.67% rate, respectively, scheduled as follows:
Energy Development
Account1
River Basin
Revitalization2
Total
2026 (Current)2,713,674 1,024,824 3,738,498 
20271,834,451 570,985 2,405,436 
20283,022,984 903,238 3,926,222 
20292,809,496 871,580 3,681,076 
20302,611,084 824,809 3,435,893 
20312,426,683 780,548 3,207,231 
After 203122,346,211 1,026,096 23,372,307 
37,764,583 6,002,080 43,766,663 
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1Maturity in 2047; and
2Maturity in 2032.

The nominal payment schedule (future amounts) related to the obligations arising from Law No. 14,182/2021, as determined by CNPE Resolution No. 015/2021, is indexed to the IPCA. These amounts are disclosed in the financial instruments note (see Note 37.3.2).
Accounting Policy
The obligations of Law No. 14,182/2021 (privatization of AXIA Energia) were initially recognized from the amounts presented in CNPE Resolution 015/2021, as amended by CNPE Resolution 030/2021. Subsequently, these obligations are adjusted for accrued interest, inflation adjustment (IPCA) and payments made.
The interest rates of the obligations were not presented directly in CNPE Resolution 015/2021, as a result, they were implicitly calculated from the present value of the obligations, the future flow of payments and the payment term.
The accrued interest and monetary adjustments are recorded in the income statement, in the financial income group.